Park City Real Estate Q3 Recap

The Park City real estate market continued its steady march toward equilibrium. Activity increased across nearly all categories, with toal transaction up 21% and total sales volume up 23% year-over-year. Inventory surpassed 1,000 units for the first time since 2020, offering buyers more options without trippin the market into oversupply.

Key insights:

New construction is heavily skews median pricing - existing homes shows 6.7% appreciation.
Very submarket-specific; value depends on age, condition and amenity set.
Buyers are returning to land, especially in Jordanelle, Kamas Valley, and Wasatch Back.
Turn-key condition and new construction command major premiums.

Single-family sales surged 34% year over year, with Park City proper more than doubling in units — serious buyers remain active even as the season shifts.
Total market volume climbed 23%, showing buyers are still willing to pay for quality despite broader economic noise.
Inventory finally crossed 1,000 active units for the first time since 2020 — selection is up, which means pricing and presentation matter more than ever.
The luxury segment (>$2.5M) is driving the market: units up 38% and volume up 50%. High-end sellers are seeing the strongest demand.
Existing single-family homes appreciated 6.7%, right in line with long-term norms — realistic pricing is converting; overpricing is still punished.
With buyers favoring turnkey condition, new construction pulled median prices up 26% — older properties that show exceptionally well are winning.

Condo sales rose 8%, but performance varies sharply by area — Park City limits up 32%, while Basin and Heber saw softer activity. Opportunities exist in the submarkets that cooled.
Land sales jumped 11% and volume jumped 40% — buildable parcels, especially around Jordanelle and Kamas Valley, are seeing renewed interest.
With inventory rising and absorption holding near 5.5 months, buyers have more breathing room and slightly less competitive pressure than last year.
Cash remains king in the upper tier — 60%+ of luxury purchases are cash, which opens negotiating room for financed buyers in the sub-$2.5M market.
Total quarterly transactions rose 21% — activity is steady but not overheated, making Q4 historically one of the best windows for value.
With seasonality kicking in and many sellers targeting the February–April surge, late-year buyers can capture opportunities before demand spikes again.

For more information about Q3 statistics or for more nuanced and specific information about your neighborhood or area of interest, let's connect: [email protected] | 435.901.1280